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United States Securities and Exchange Commission v. Ahmed

United States District Court, D. Minnesota

May 9, 2017

United States Securities and Exchange Commission, Plaintiff,
v.
Mohamud Abdi Ahmed, and 2waytrading, LLC, Defendants.

          TEMPORARY RESTRAINING ORDER

          Paul A. Magnuson, United States District Court Judge

         This matter is before the Court on Plaintiff Securities and Exchange Commission's (“SEC”) Emergency Motion for a Temporary Restraining Order, Asset Freeze, and Other Ancillary Relief. On Friday, May 5, 2017, the Honorable Donovan W. Frank of this Court entered a limited TRO (Docket No. 25), pending this Court's hearing on the matter. The Court held that hearing today, at which Plaintiff appeared through counsel but Defendants made no appearance.

         Based on the arguments of counsel, and all of the papers filed in support of the Motion, the Court makes the following factual findings:

A. This Court has jurisdiction over the subject matter of this case and there is good cause to believe it will have jurisdiction over all parties hereto.
B. The SEC has made a prima facie showing that Defendants have engaged in acts, practices, and transactions that constitute violations of Sections 17(a) of the Securities Act of 1933 (“Securities Act”), 15 U.S.C. §§ 77q(a); Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5; and Sections 206(1) and (2) of the Investment Advisers Act of 1940 (the “Advisers Act”), 15 U.S.C. § 80b-6(1) and (2), by using any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange.
C. There is good cause to believe that investor funds will be dissipated, concealed, or transferred from the jurisdiction of this Court, assets which could be subject to an order of disgorgement.
D. There is good cause to believe that an accounting of assets and expedited discovery is necessary, and that, unless restrained or enjoined by order of this Court, Defendants may alter or destroy documents relevant to this action.
E. There is good cause to believe that an order requiring Defendants to provide a schedule identifying any individuals, clients, or investors who paid Defendants monthly fees for services and/or who provided Defendants access to brokerage or other accounts, and the accounts so accessed is necessary.

         Based on these findings, IT IS HEREBY ORDERED that:

         1. The SEC's Motion for Temporary Restraining Order (Docket No. 4) is GRANTED.

         2. Defendants, and their officers, agents, servants, employees, attorneys, subsidiaries, and affiliates, and those persons in active concert or participation with any of them, who receive actual notice of this Order, by personal service or otherwise, are TEMPORARILY RESTRAINED and ENJOINED from, directly or indirectly, in the offer or sale of any securities, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails:

A. employing any device, scheme or artifice to defraud;
B. obtaining money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or
C. engaging in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser; in violation of Section 17(a) of the ...

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